The GameFi sector moved up the ladder on DeFiLlama’s narrative tracker as market momentum wanes.
TL;DR:
- Trump-Musk spat triggers BTC decline.
- WEMIX records double-digit gains in a red week for major GameFi tokens.
- Solana-based meme coin Bonk forays into Web3 gaming with the launch of a shooter game.
Bitcoin continues to retreat from its recent all-time high as it dipped 2% to $104K, with the Trump-Musk fallout adding fuel to the fire. The latest slip triggered $308 million in long liquidations as profit-taking ramped up.
Even the news of Wall Street giant JP Morgan’s plans to greenlight the use of BlackRock's Bitcoin ETF shares as loan collateral for its wealthy clients wasn't enough to improve market sentiment. The Fear and Greed Index fell from 61 to the neutral ground of 46.
However, will MetaPlanet’s planned raise to buy 1% of all Bitcoin supply send BTC to the moon? And more importantly, wen altcoin season?
Against this cooling phase, did the GameFi sector sail against the tide or fall in line? Here is this week's recap of Web3 gaming.
GameFi Sector Review
The majority of top gaming tokens saw red, reflecting the broader market sentiment. Overall, the Web3 gaming sector saw its market cap and trading volume tank 9% and 21%, respectively.
Source: CoinMarketCap
However, zooming in on the monthly chart shows that the market cap increased by nearly half.
Source: CoinMarketCap
We still have to wait a bit longer for altcoin season. The CMC Altcoin Season Index slightly rose from 22 to 23 week-over-week, suggesting that Bitcoin is calling the shots as its dominance nears 64%.
Top Gainers
There were few winners in the GameFi sector this week. Still, a handful of outliers put in solid gains that echoed bull market moves.
- WEMIX (WEMIX): +46%
- Mask Network (MASK): +37.81%
- Nakamoto Games (NAKA): +7.86%
- Devve (DEVVE): +7.29%
- ApeCoin (APE): +6.54%
Top Decliners:
- Virtuals Protocol (VIRTUALS): -20.64%
- Realio Network (RIO): -19%
- NEXPACE (NXPC): -17.48%
- Xai (XAI): -17.3%
- Saga (SAGA): -16.34%
Other sectors were hit hard, helping the Web3 gaming sector to climb from 12th position to third on DeFiLlama's narrative tracker.
Will the GameFi sector hold its ground as market attention rotates?
Source: DeFiLlama
Game of the Week: Bonk Arena
My first introduction to Bonk was at Solana Breakpoint Amsterdam 2023, where I walked into the venue and saw a bunch of people in inflated Sumo suits fight each other with rubber sticks on a jumping castle (don’t ask me why I faded $BONK and it went on a 20,000% rampage. Too soon). Fast-forward to 2025, and it’s more of the same with its latest release.
Bonk Arena is a fast-paced, chaotic multiplayer game where players wield giant sticks to "bonk" opponents off platforms. It combines simple mechanics with frantic action, encouraging strategic timing and quick reflexes. The arena setting adds intensity as players dodge attacks and aim to be the last one standing. Its fun, unpredictable gameplay makes it a favorite for casual and competitive players alike, offering endless excitement in short bursts.
Web3 Gaming Activity This Week
Orange Cap Games Acquires Moonbirds IP
Orange Cap Games, a relatively new player in the space, has acquired the Moonbirds, Mythics, and Oddities IP from Yuga Labs, aiming to expand the reach of these collections through new gaming experiences.
Bonk Enters GameFi With 'Kill-to-Earn' Shooter
Solana meme coin Bonk has launched Bonk Arena, a browser-based arcade shooter, marking the project’s first official step into Web3 gaming.
What You Can Do Now
- Protect your GameFi and altcoin bags as the market corrects ahead of the FOMC meeting on June 17-18.
- Track Bonk's performance as it leaps into Web3 gaming.
- Follow the Trump-Musk feud and its overall impact on crypto market and gaming tokens.
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